It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
OVEN BAKED LIME AND PEPPER CHICKEN
OVEN BAKED LIME AND PEPPER CHICKEN
With this kind of meal planning, chicken breasts happen to be a very popular choice because they are a tremendous source of lean protein that’s widely available, easy on the wallet and they’re also super easy to prepare. If not seasoned properly, however, chicken breasts tend to be a little dry and tasteless, which may result in one getting totally fed up with them rather quickly…
There’s nothing wrong with chicken being juicy, moist AND tasty while still remaining OVEN , In fact, it’s so moist, so tender so refreshing and most of all, so SUPER tasty, you’ll actually look forward to eating it today, and tomorrow, and the day after, and the day after that…
BAKED LIME AND PEPPER CHICKEN RECIPE
INGREDIENTS
- 2-3 tbsp healthy cooking oil or fat of your choice
- 6 large boneless, skinless chicken breasts (about 300g/ 10.6oz each)
For the marinade
- ¼ cup (60ml) freshly-squeezed lime juice
- ¼ cup (60ml) extra-virgin olive oil
- 2 cloves garlic, minced
- 1 tsp salt (I use Himalayan salt)
- 1 tsp ground black pepper
- 1 tsp powdered red pepper flakes
- grated zest of 2 limes
To garnish
- ¼ cup chopped fresh parsley
- slices of lime
INSTRUCTIONS
- In a large mixing bowl or glass measuring cup, combine all the ingredients for the marinade and whisk until well combined.
- Place the chicken breasts in a baking dish that's just big enough to accomodate them in a single layer and then pour the marinade right over. Toss delicately until all the chicken breasts are evenly coated, cover with plastic film and place in the refrigerator to marinate for at least 4 hours, or up to overnight.
- Preheat your oven to 375°F.
- In a large, heavy skillet, heat a few tablespoons of healthy cooking oil or fat over medium-high heat. Once the pan is hot enough, add the chicken breasts, 2 or 3 at a time, and sear for a minute or two on each side, until nice and golden brown.
- Place the seared chicken breasts in a Dutch oven or other oven safe dish with tight fitting lid and repeat with the remaining chicken breasts.
- Pour the remaining marinade over the chicken breasts, put the lid on and and bake in the oven for 25 minutes, then remove the lid and continue cooking for another 5 minutes to crisp up the chicken.
- Serve immediately, drizzled with the cooking juices and garnished with slices of lime and a handful of freshly chopped parsley. super healthy, too. This Oven Baked Lime and Pepper Chicken is the very proof of that!
